Gold prices rose boosted by a softer dollar after a
less hawkish than expected Federal Reserve and growing concerns over trade
tariffs - Gold on MCX settled up
0.14% at 30493 boosted by a softer dollar after a less hawkish than expected
Federal Reserve and growing concerns over trade tariffs. The Federal Open
Market Committee voted at the March 20-21 meeting to increase overnight
interest rates by 25 basis points to between 1.50% and 1.75%, matching analysts'
expectations. The number of Americans filing for unemployment benefits rose
just marginally last week, suggesting strong job growth in March that should
underpin consumer spending. A presidential memorandum signed by Trump will
target up to $60 billion in Chinese goods with tariffs over what his
administration says is misappropriation of U.S. intellectual property, but only
after a 30-day consultation period that starts once a list is published. China
unveiled plans to impose tariffs on up to $3 billion of U.S. imports in
retaliation against U.S. tariffs on Chinese steel and aluminium products, as
the world’s two largest economies stood on the brink of a trade war. China
blamed U.S. export restrictions for its record trade surplus with the United
States, but expressed hope that a solution can be found to settle trade issues
between the world’s two biggest economies as U.S. tariffs loom.
SMM Copper Aluminium Summit:
Global supply of copper ore to grow - The growth rate of global copper ore output is
expected to rise back to 3.3% in 2018, said SMM senior analyst Ye Jianhua.
Given copper ore supplies in 2017 and price increases, the supply of copper ore
in unlikely to be significantly affected in 2018, even as some 40 salary
negotiations would occur at overseas miners this year. China's demand for
overseas ore is on the rise as smelting capacity grows, Ye said at the SMM
Copper Aluminium Summit on Friday March 23. In recent years, the decline of
copper cencentrate supplies has lowered treatment charges (TCs) set between
foreign and Chinese smelters, he added. China's aluminium output is likely to
grow at a slower pace in 2018 given supply-side reform and restricted
production during the heating season, said senior aluminium analyst at Shanghai
Metals Market, Liu Xiaolei, on March 23.
Oil
Prices Rise On Possibility Of Production Curbs Extending to 2019 - Oil prices rose on Friday morning in Asia,
lifted by a statement from Saudi Arabia that production curbs led by the
Organization of the Petroleum Exporting Countries (OPEC) and Russia will need
to be extended into 2019.Saudi Arabian Energy Minister Khalid al-Falih said on
Thursday that OPEC members will need to continue coordinating with Russia and
other non-OPEC oil-producing countries on supply restraints in 2019 to reduce
the global oil oversupply. OPEC, of which Saudi Arabia is the de-facto leader,
as well as a group of non-OPEC countries led by Russia, have been cutting crude
output by 1.8 million barrels per day (bpd) to prop up oil prices. The pact
began in January 2017 and is set to expire at the end of 2018, but Saudi Arabia
now seems to be pushing for an
extension.
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